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 Rental demand 'to remain strong in 2008' Buy-to-let mortgages could continue to be popular going into 2008 as rental demand remains strong thanks to tough conditions for first-time buyers. Chris Horne, editor of Property Hawk, said that rising house prices have boosted the market for professional renters in recent years. "There's a dual effect of rising house prices, which prices more potential first-time buyers out of the market - which means they have to rent, and rent for longer than they would have done," he said. Recent figures from the Council of Mortgage Lenders revealed that in October of this year the average age of a first-time buyer was 29. According to Mr Horne, this is unlikely to change as high property prices combined with the recent credit crunch make people less confident in the market. "I think rental demand will be growing and strong into 2008, as people sit back and wait to see what happens with the market," he said. News sourse |
